Personal Property

Read this section. Books, cars, shares of stock, and accounts receivable are all personal property. How are these things the same? How are they different? Some items that are personal property can be considered real property under certain circumstances. What are these circumstances? We all know that property can be transferred, and it is important to understand the various ways that ownership of personal property can be transferred. It is also important to know what legal rights and obligations are at stake when possession, rather than ownership, of personal property is transferred. The exercises at the end of the section will help solidify your understanding.